Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
Financial setbacks can be difficult at any point in your life, but they’re especially devastating during retirement. With no steady paycheck coming in, it can be terrifying to watch your retirement savings slowly disappear as you try to recover.
Nobody plans on things going wrong, but sometimes life just happens. You might be tempted to curl up into a ball and hope your problems just go away, but I will tell you firsthand that doing so won’t help you.
When things get tough, you need to remain positive, flexible, and determined. Following these four tips can help you recover from any financial setback you may face in retirement:
1. Assess your current situation.
Your first step is to gather as much data as possible. You want to know exactly what happened, why it occurred, and how it impacts you. Ask yourself:
Next, gather together details about everything that makes up your present financial situation: income, expenses, savings, and investments. The objective here is to get as much information as possible in order to formulate the steps necessary for recovery.
2. Define your goals.
Once you have all of the facts, you need to set some goals. This means different things to different people, but it can be helpful to break down your goals by time and results, no matter what your situation.
For example, you may have just suffered a medical emergency that you paid for by tapping your savings or credit card. Your goal could be to have 75 percent of the debt or savings repaid within four years.
Remember, your goals need to be SMART: specific, manageable, ambitious yet achievable, realistic, and time-bound.
3. Determine your course of action.
There are several steps you have to put into action to rebuild your finances. Once you know your situation and have your goals set, make a plan or roadmap to follow.
Your plan needs to be in writing so you can refer back to it regularly and hold yourself accountable. Writing down your goals will help set you up for success.
4. Monitor and make adjustments.
No plan is foolproof or set in stone. Continue to mark your progress and, if necessary, make adjustments. You may find that you need more time to meet your goals, or something may come up that gets you off track and forces you to adjust your plan again.
Remain flexible. You may not always have control of the situation, but you can control how you react to it. If you regularly monitor your progress toward your goals and make changes when necessary, you will find that there is nothing that will keep you down forever.
Steve Repak is a CERTIFIED FINANCIAL PLANNER™ professional, CFP® Board Ambassador, and financial literacy speaker. He is also an Army veteran and the author of Dollars & Uncommon Sense: Basic Training For Your Money. Follow him on Twitter: @SteveRepak
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.